Ask Question
26 May, 03:57

Ian invests $13,670 in a savings account at his local bank which gives 1.9% simple annual interest. He also invests $6,040 in an online savings account which gives 4.5% simple annual interest. After nine years, which one will have earned more interest, and how much more interest will it have earned, to the nearest dollar? a. The local account will have earned $7,521 more interest. b. The local account will have earned $3,199 more interest. c. The online account will have earned $3,090 more interest. d. The online account will have earned $109 more interest.

+4
Answers (1)
  1. 26 May, 04:21
    0
    The formula says

    I=prt

    I Interest earned

    P principle

    R interest rate

    T time

    The interest earned of local account

    13,670*0.019*9

    =2,337.57

    The interest earned of online account

    6,040*0.045*9

    =2,446.2

    The difference

    2,446.2-2,337.57

    =109

    So the answer is d
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Ian invests $13,670 in a savings account at his local bank which gives 1.9% simple annual interest. He also invests $6,040 in an online ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers